As it relates to the next item, the Marginal Cost (MC) is the cost of producing it. MC(q) = TC(q 1) – TC(q) is the correct formula. Calculus can sometimes approximate this difference more easily (see ...
unit. The first derivative of the total cost is expressed as the marginal cost (MC) function, which is a formal definition used in calculus. The incremental costs incurred when producing additional ...
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